CARE Ratings sends CEO Rajesh Mokashi on leave over anonymous complaint

CARE Ratings has named Executive Director (Ratings) TN Arun Kumar as its interim chief executive officer.

New Delhi: Rating agency CARE Ratings Ltd announced that it has sent Managing Director and Chief Executive Officer Rajesh Mokashi on leave over anonymous complaint until further notice.

It has named Executive Director (Ratings) TN Arun Kumar as its interim chief executive officer. However, the rating agency said that he will not be part of Rating Operations to ensure independence of ratings.

The rating agency in a BSE filing said, “pending the completion of the examination of anonymous complaint received by the Securities and Exchange Board of India (SEBI) and forwarded to CARE Ratings, to place Mr. Rajesh Mokashi, Managing Director& CEO of CARE, on leave, with immediate effect, until further notice”.

Earlier this month, Moody`s Investors Service (Indian ops) and ICRA Ltd, placed Managing Director and Chief Executive Officer Naresh Takkar on leave after SEBI forwarded anonymous complaints regarding the company.